CoreWeave Is in Talks for Funding at $16 Billion Valuation
(Bloomberg) -- CoreWeave, a cloud computing provider that’s among the hottest startups in the artificial intelligence race, is in talks to raise equity capital in a transaction that would more than double its valuation to $16 billion, according to people with knowledge of the matter.
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The Roseland, New Jersey-based company, led by CEO Michael Intrator, is discussing selling both new and existing shares, and employees may tender some of their holdings, said the people, who asked not to be identified discussing confidential information. Terms haven’t been finalized and could still change, one of the people cautioned.
A CoreWeave representative declined to comment.
A $16 billion post-money valuation would eclipse CoreWeave’s $7 billion mark in a transaction last year. The company said in December that it had closed a $642 million minority stake sale to an investor group comprising Fidelity Management & Research Co., Investment Management Corporation of Ontario, Jane Street and JPMorgan Asset Management, among others.
Read More: Fidelity and Jane Street Back CoreWeave at $7 Billion Valuation
This month, CoreWeave named Nitin Agrawal, a former Google executive, as chief financial officer. In a statement announcing Agrawal’s appointment, Intrator said CoreWeave was entering a “phase of monumental growth.” In 2023, the company increased its data center presence to 14 from three.
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